Bulletin: NJ2017002

Dear Associates:

Changes have been made to the New Jersey Rate Manual which the NJ Department of Banking and Insurance has approved for use in New Jersey effective May 23, 2017:

Article 4 Schedule of Rates: Section 4.11 was added to read: 

ALTA Residential Limited Coverage Mortgage Modification Policy

Whenever the ALTA Residential Limited Coverage Mortgage Modification Policy is issued, the underwriting charge for this policy shall be based upon the following rates:

Policy Liability                                       Underwriting Charge

$0 - $1,000,000.00…………………………………..$125

$1,000,001 - $1,500,000.00………………………..$250

$1,500,001 - $2,000,000.00………………………..$350

For each $500,000 of Policy Liability or fraction thereof above $2,000,000 up to $20,000,000 add $100 to the Underwriting Charge. 

In addition to the Underwriting Charge, the Examination Charge and charges for searches may be imposed at the discretion of the Insurer or Title Insurance Agent, but the same shall not exceed the charges as set forth in Article 5. 

Article 10 Endorsements: Two new ALTA Endorsements have been added:

1. Section 10.65 ALTA 18.1-06 - Multiple Tax Parcel Endorsement (NJRB 5-172) 
2. Section 10.93 ALTA Endorsement 23.1.06 Co-Insurance - Multiple Policies (NJRB 5-173)  

If you have any questions relating to this or other bulletins, please contact the Alabama State Office for assistance.

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